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What Savers Want

Personal_Finance / Savings Accounts May 14, 2007 - 11:07 AM GMT

By: Nationwide

Personal_Finance

New research from Nationwide reveals what consumers want from a savings account

New research from Nationwide has revealed that over a third (35%) of people are saving on a regular basis and an additional 44% save from time to time when they have spare funds. It also confirmed that one in five (21%) fail to save anything at all.


The research asked consumers what they looked for when opening a savings account and the results revealed that:

  • over half (54%) consider it very important/essential that there is no-notice period for withdrawals and more than four in five (84%) believe it is important that there is no penalty for withdrawals
  • over half (56%) consider it very important/essential to have a high interest rate for the first year – however over three-quarters (77%) want a good interest rate over a longer period
  • over two in five (42%) consider it important to have the ability to manage their account on-line, while over half (56%) want to be able to manage their account in a local branch
  • for nearly two-thirds (59%) it is important that their savings account is with a well-known provider

Savings accounts continue to be a popular and well-used vehicle with over three-quarters (78%) of those surveyed saying this is how they save, although 12% still leave their cash in a current account and 10% admit to saving elsewhere. Despite safety issues and the fact that no interest is being earned, saving money at home - under the bed or in a jar or tin – is not unheard of.

Matthew Carter, Nationwide's divisional director, mortgages & savings, said: "Saving doesn't have to be difficult or complicated and no matter how much you can afford to save, it is important that your money is saved in the right place - not under a bed or in a jar. Nationwide's Regular Savings Account is a perfect solution to encourage people to save, as it offers regular and irregular savers a competitive rate without any of the catches of many similar high street savings accounts.

"Savers also have the flexibility of knowing that they can vary the amount they save or even take a break from saving if they need to, without forfeiting the account and the interest rate is even guaranteed to track the Bank of England Base Rate until January 2010."

For further information:

Sue Knight, media relations manager, telephone: 01793 655196 email: sue.knight@nationwide.co.uk
Steve Blore, senior manager, telephonel: 01793 655199 email: stevew.blore@nationwide.co.uk

Notes:

  1. Research was carried out by Panelwizard during January 2007 and 1001 British adults were surveyed
  2. Regular Savings – product information:
    • An example of how the Regular Savings account works is shown below:

      Tony is saving up for a deposit on his first home so he decides to pay in £150 a month by regular transfer from his current account and earns 5.75% interest on his savings. But he's not tied to that amount. As the following table shows, the Regular Savings account is flexible enough to adapt as his financial circumstances change.

      Monthly increase in balance Total balance Rate applied to total balance that month p.a
      Jan Pays in £150 £150 £150 5.75%
      Feb Pays in bonus of £100 on top of regular £150 £250 £400 6.25%
      Mar Regular payment of £150 £150 £550 5.75%
      Apr Regular payment of £150 followed by a withdrawal of £100 £50 £600 4.25%
      May Regular payment of £150 £150 £750 5.75%

    The interest rates applied on Regular Savings will track changes in the Bank of England Base Rate until 1 January 2010. Any changes will take effect within one month.

    Regular Savings is a card based account and is restricted to one per customer (either joint or sole). Accounts can be opened with £1.

    Unlimited withdrawals can be made so long as there are sufficient funds in the account and unlimited credits can be made as long as the monthly balance increase does not exceed £250.

    Where a monthly payment is missed or balance increases by less than £100 a flat rate of interest of 4.25% will be paid for that month

  3. Nationwide offers a full range of savings products to suit customers needs and further details can be obtained from any Nationwide branch, by calling 08457 3020 10 or online at http://www.nationwide.co.uk/savings/
  4. Case studies of Nationwide savers are available please contact the press office

    Nationwide is a mutual building society, which is owned by its members. As such, it aims to be different from the banks. Members are actively encouraged to play a strong role in their society by voting at the AGM in person, online or by post each year.


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